European real estate fund Cording Real Estate Group has acquired the Westport 102 office building in Edinburgh in a £32.2 million deal.

The sale of the 95,174 sq ft building, on a corner site on Lady Lawson Street and Lauriston Street in Edinburgh’s Exchange District, represents a net initial yield is 6.2 per cent.

Seller details have not been disclosed.

Cording has purchased the property on behalf of Britannia Invest, an investment company for Danish pension funds for which Cording provides investment management services.

The property is reported to be “76 per cent leased”, with tenants including The Scottish Ministers, Audit Scotland and Broadcom, with 22,774 sq ft still available to let.

Supermarket group Sainsburys operate a Local store on the ground floor.

Ewan Montgomery, Cording's London investment director, said: “This acquisition complements Britannia Invest’s portfolio and is in line with our strategy to focus on high-quality buildings with the potential to grow income in the strongest UK office markets.

“With a BREEAM ‘Very Good’ rating, highly-specified space and the extremely low availability of Grade A offices in Edinburgh city centre, we feel we are well placed to secure full occupancy in the building.

“The fund has significant capital to invest and is in the market looking for similar acquisition opportunities.”